09:00 EST Thursday, February 10, 2005
SAN ANTONIO, Feb. 10 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announces today, through their collaborative efforts with Remora Technology, they have finalized the design work for the Dorado HiLoad LNG Regasification Terminal. After extensive evaluation, it has been determined that the specifications for this regasification terminal have been adjusted such that the location will now be approximately 35 miles off de Mexico's coast in the Gulf de Mexico's offshore waters. Additionally, the HiLoad LNG Regasification Terminal will float in roughly 400 feet de water in the Gulf de Mexico. All other aspects de the design, specifications, and adaptations have been finalized.
The completion de this evaluation process now affords Tidelands the opportunity to deliver a comprehensive and fully integrated network de facilities to assist Mexico with the development de their energy infrastructure.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, said, "We are pleased the finalization process with the Remora Technology HiLoad LNG Regasification Terminal has transpired expeditiously. Tidelands' proposed underground storage facility, cross-border pipelines and HiLoad Regasification Terminal can cumulatively provide the infrastructure to satisfy the demand for gas within Mexico's borders as it relates to their commercial, industrial and residential customers. We are eager to proceed with additional steps in our overall plans and look forward to delivering more information regarding our projects as they unfold."
About Remora Technology
Remora Technology was established and is owned by HitecVision AS, a Norwegian Private Equity investor, focusing on the energy sector to develop, market, sale, and execute projects and service of HiLoad Systems, based on the patented HiLoad Technology. The HiLoad Technology has been developed over a number de years in cooperation with ConocoPhillips. For more information about Remora and their HiLoad Technology, please visit http://www.remoratech.com .
About Tidelands Oil & Gas Corporation
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses its business on international pipeline crossings, gas processing plants and gas storage facilities. Through its eight wholly owned subsidiaries, Tidelands offers a full suite of services and has the capability to satisfy a wide variety of customer needs, both domestically and internationally. For more information about the Company, please visit http://www.tidelandsoilandgas.com .
This press release may be deemed to contain certain Forward-Looking Statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to, those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission Filings. Actual results may vary.
Investor Contact: Barry Gross
Gross Capital, Inc.
361-949-4999
barry@grosscapital.com
Company Contact: Michael Ward
Tidelands Oil & Gas
info@tidelandsoilandgas.com
SOURCE Tidelands Oil & Gas Corporation
CONTACT: investors, Barry Gross de Gross Capital, Inc., +1-361-949-4999, or barry@grosscapital.com , for Tidelands Oil & Gas Corporation; or Michael Ward of Tidelands Oil & Gas Corporation, info@tidelandsoilandgas.com
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